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Business

GSIS income soars to P80 billion in 10 months

Louise Maureen Simeon - The Philippine Star
GSIS income soars to P80 billion in 10 months
The pension fund for state workers said it earned P80 billion from January to October, a sharp increase from last year‘s P37-billion.
STAR / File

MANILA, Philippines — The Government Service Insurance System (GSIS) saw its net income more than double to P80 billion in 10 months on the back of strong revenues from financial assets.

In a statement, the pension fund for state workers said it earned P80 billion from January to October, a sharp increase from last year‘s P37-billion.

GSIS president and general manager Wick Veloso said the performance was driven by strong revenues from financial assets which surged four-fold to P29 billion.

As such, the 10-month income is about 67 percent of the P120 billion income target of GSIS for the year.

Also driving the January to October growth is the nearly 150-percent increase in investment property income to P8 billion from the revaluation gains of about 12,000 accounts appraised.

General insurance activities also contributed P6.2 billion in income on the back of active marketing drive while social insurance premiums expanded by eight percent to P10 billion from increased membership and salary adjustments.

In terms of expenses, GSIS recorded an eight-percent reduction to P8.2 billion.

As of end-October, the total assets of the GSIS stood at P1.6 trillion, up 4.4 percent.

“As a financial institution, our primary focus is to increase the contributions of our members by seizing strategic investment opportunities,” Veloso said.

GSIS said it continues to invest in domestic key sectors with P1.3 trillion through real estate, infrastructure, food, energy and mining, among others.

“These sectors are fundamental to the government’s socio-economic agenda. Investing in them equates to a direct investment in the welfare and future of our nation,” Veloso said.

Its foreign investment also increased five percent to P185 billion mainly on bonds and equities in a bid to diversify, access more opportunities abroad and optimize its portfolio returns.

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